Yesterday's $11.6 million sex harassment judgment against the New York Knicks was not only mortifying for the team, it could undermine the Dolan family's plan to privatize Cablevision, the media giant that owns it, the Wall Street Journal reports. The decision against head coach Isiah Thomas came just three weeks before a vote by Cablevision shareholders on the Dolans' $10.6 billion proposal.
Some opponents of the deal hope the verdict will support their argument that the family doesn't look out for the interests of investors. The Dolans' credibility has already taken several big hits: Two years ago CEO James Dolan and his father, Charles, feuded publicly about a satellite TV venture. Last year, the company admitted to backdating options to a dead executive. The Knicks' dismal performance under James Dolan's leadership has made him a punching bad of New York sports fans.